# In the matter of Sagar and Vivaan Construction Pvt. Ltd. vs. Wealth A venue Real Estate Pvt. Ltd. & Ors.

> NCLAT judgment dated 2024-03-20. Citation: TCN-2024-NCLAT-00566. The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT)…

- **Court:** NCLAT
- **Order date:** 20 Mar 2024
- **Citation:** TCN-2024-NCLAT-00566
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sagar-and-vivaan-construction-pvt-ltd-vs-wealth-a-venue-real-estate-pvt-ltd-ors-a8bbf7fc

## Summary

### Background

The case involves an appeal before the National Company Law Appellate Tribunal (NCLAT) concerning an insolvency matter. The appellant, Sagar and Vivaan Construction Pvt. Ltd., is directed to deposit a balance amount of Rs. 2.15 crore in two monthly installments. The respondent, Wealth A venue Real Estate Pvt. Ltd. & Ors., disputes the claimed balance amount. The court permits the deposit without determining the actual amount due.

## Facts

Sagar and Vivaan Construction Pvt. Ltd. filed an appeal before the NCLAT. The appellant stated they are ready to deposit the balance amount, having already deposited more than Rs. 1.5 crore. The appellant is directed to deposit an additional Rs. 2.15 crore, which they claim is the balance amount. Wealth A venue Real Estate Pvt. Ltd. & Ors., the respondent, disputes the accuracy of the claimed balance amount. The court permits the appellant to deposit the Rs. 2.15 crore in two monthly installments without determining the actual amount due. The IRP is present, and the respondent's counsel accepts notice. Further steps in the CIRP are stayed pending the deposit. The case is listed for further hearing on May 20, 2024.

## Issues and analysis

### Issue 1: Whether the appellant should be permitted to deposit the disputed balance amount without a prior …

**Ratio:** In insolvency proceedings, the court has the discretion to facilitate the process by

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**Reasoning:** The court reasoned that allowing the deposit would facilitate the insolvency resolution

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**Interpretation:** This interpretation suggests a pragmatic approach by the court, prioritizing

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**Application:** The court applied this principle by permitting Sagar and Vivaan Construction

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Sagar and Vivaan…
- **Respondents:** Wealth A venue…

## Timeline

- **2024-03-20 — Order Da…**: Amended Memo of parties filed and taken on record. Appellant directed to deposit Rs. 2.15…
- **2024-05-20 — Next Hearin…**: Case listed for further…

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